Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
For the quarter ended March 29, 2025, free cash flow was negative, driven by negative operating cash flow despite lower capital expenditure. Compared to the previous quarter, cash conversion weakened significantly, and compared to the same quarter last year, free cash flow was more negative.
- Revenue was reported, but operating cash flow was negative, leading to negative free cash flow after capital expenditure. The free cash flow margin was negative, indicating that cash generation lagged revenue.
- Compared to the immediately preceding quarter, operating cash flow turned from positive to negative, and free cash flow decreased substantially. Compared to the same quarter one year earlier, free cash flow was more negative, as operating cash flow was also negative but at a smaller magnitude.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$543.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$180.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$124.0M
Cash generated by operations before capital spending.
CapEx
$56.0M
Capital spending and related asset purchases.
FCF margin
-5.4%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-06-29 | $3.5B | $367.0M | $74.0M | $293.0M | 8.3% |
| 2024-09-28 | $3.4B | $208.0M | $71.0M | $137.0M | 4.0% |
| 2024-12-28 | $3.6B | $446.0M | $153.0M | $293.0M | 8.1% |
| 2025-03-29 | $3.3B | -$124.0M | $56.0M | -$180.0M | -5.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -87.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Swing
The strongest observable driver is the sharp decline in operating cash flow from positive to negative, which directly caused the negative free cash flow.
This swing in operating cash flow is the primary factor behind the weakened cash conversion this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was reported, but operating cash flow was negative, leading to negative free cash flow after capital expenditure. The free cash flow margin was negative, indicating that cash generation lagged revenue.
Compared to the immediately preceding quarter, operating cash flow turned from positive to negative, and free cash flow decreased substantially. Compared to the same quarter one year earlier, free cash flow was more negative, as operating cash flow was also negative but at a smaller magnitude.
Monitor the trajectory of operating cash flow in subsequent quarters.